🔴[BOUNTY] 🔥🔥GRABITY🔥🔥 🚀NEW PARADIGM OF INTERNET🚀 💰350,000,000GBT💰🔴

[Christ_bit]

Hi everyone, welcome to Grabity project once again!

[1714751882]

1714751882

[Croosss123]

Hii guys
How is everybody doing today?

[Choco_boy]

Great! Im doing awesome, ready to learn more & more!

[Whyknow78]

Hi team Then lets continue! We are about to enter week number 4 from the project! Lets get ready

[Christ_bit]

What about with the smart contracts of ethereum?

[Croosss123]

Yeah, what about them? How do they work?

[Choco_boy]

Well like many ideas in the blockchain industry, a general confusion shrouds so called ‘smart contracts’.

[Whyknow78]

A new technology made possible by public blockchains, smart contracts are difficult to understand because the term partly confuses the core interaction described.

[Christ_bit]

While a standard contract outlines the terms of a relationship (usually one enforceable by law), a smart contract enforces a relationship with cryptographic code.

[Choco_boy]

Put differently, smart contracts are programs that execute exactly as they are set up to by their creators.

[Whyknow78]

First conceived in 1993, the idea was originally described by computer scientist and cryptographer Nick Szabo as a kind of digital vending machine. In his famous example, he described how users could input data or value, and receive a finite item from a machine, in this case a real-world snack or a soft drink. TA DA!

[Christ_bit]

Well that's new...
But like in a simple example, ethereum users can send 10 ether to a friend on a certain date using a smart contract

[Choco_boy]

In this case, the user would create a contract, and push the data to that contract so that it could execute the desired command.

[Croosss123]

Ethereum is a platform that’s built specifically for creating smart contracts. 

[Whyknow78]

But these new tools aren’t intended to be used in isolation. It is believed that they can also form the building blocks for ‘decentralized applications’ and even whole decentralized autonomous companies 

[coin77777]

#Proof of Authentication

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[Croosss123]

How smart contracts work

It’s worth noting that bitcoin was the first to support basic smart contracts in the sense that the network can transfer value from one person to another.

[Whyknow78]

The network of nodes will only validate transactions if certain conditions are met.

[Christ_bit]

But, bitcoin is limited to the currency use case.

[Choco_boy]

By contrast, ethereum replaces bitcoin’s more restrictive language and replaces it with a language that allows developers to write their own programs.